P REPARING RING FOR 2015 015-16 16 F UND NDING ING R OUND NDS E D L ACHANCE , CT D EPARTMENT OF H OUSING M ARCUS S MITH , CT H OUSING F INANCE A UTHORITY P ETER H ANCE , T HE A FFORDABLE H OUSING C OLLABORATIVE LLC C ONN -NAHRO A NNUAL C ONVENTION S EPTEMBER 1, 2015
lead agency for all matters relating to housing. planning relating to the development, redevelopment, preservation, maintenance and improvement of housing serving very low, low, and moderate income individuals and families. to eliminate homelessness and catalyzes the creation and preservation of quality, affordable housing. |Wh Who We Are • The Department of Housing (DOH) is the State's • Provides leadership for all aspects of policy and • Promote affordable housing opportunities, seeks
(CHFA) is a self-supporting quasi-public housing agency formed in 1969. housing opportunities for Connecticut’s low - and moderate-income families and individuals. housing finance programs exceed $11 billion. |Wh Who We Are • The Connecticut Housing Finance Authority • Statutorily charged with expanding affordable • To date, CHFA’s combined single - and multifamily
CHFA/D /DOH OH LEAN Event nts
Accomp mpli costs DOH and CHFA oversee 6 – 8 funding rounds annually nts hment lishme • 60+ projects per year totaling $1 billion in construction • Leveraging millions of dollars in debt, subsidy and equity SSHP CHAMP/4%- Special TEB Round 9% LIHTC HTCC CHAMP/4% TEB
DOH / C / CHFA Fin inancin ing Schedule le doh and at chfa. a.or org • Yearly Schedule based on State Budget • Listing of All Initiatives and Rounds • Available at ct.gov/doh • E- Blasted to both agencies’ mailing lists
Housing Trust Fund (HTF) Federal Funds grams Progr ing Pr ncin inanc |Fin Community Development Block Grant HOME Investment Partnership Affordability profiles up to 100% AMI Approximately $50-70MM budgeted annually Affordable Housing Program (FLEX) Must be provided through competitive basis Affordability up to 120% AMI Approximately $50M in annual bonding ms • • • • • • •
Competitive Housing Assistance for Multifamily Properties (CHAMP) Initiative ives iativ itiat Init ing In ncin inanc |Fin Mixed Income Readiness to proceed Areas of Opportunity Low Income Service Prioritize: Affordability profiles range from 25%-120% AMI Semi-Annual $25MM Rounds – Dec./June es • • •
Affordable Housing Program (FLEX) Homeownership Round ives iativ itiat Init ing In ncin inanc |Fin Pre-Development Loans es Innovations – Small Project Round SSHP Rounds 9% LIHTC Round Used as DOH Gap financing for: Affordability profiles range from 25%-100% AMI Approximately $50-70MM budgeted annually • • •
and non-SSHP development proposals source from $30MM |Pr Prede edevel elop opment ment Loans ns • Up to $300,000 • Consolidated Application used for both SSHP • SSHP funded through FLEX but uses separate
Governor’s $300M Initiative Annual rental assistance (RAP) allocation approx. grams Progr ing Pr ncin inanc |Fin Energy Conservation Loan Fund $1.5M ms 6,495 Units assisted $89.5M State funds awarded Funded with FLEX funds 2014 Pre-development and Capital funding State Sponsored Housing Portfolio (SSHP)2010- • o o o •
Low-Income Housing Tax Credits Annual Allocation - $10M grams Progr ing Pr ncin inanc |Fin Available to non-profit organizations Housing Tax Credit Contribution Program Targets households at or below 60% AMI financing 4% - “As of Right” combined with Tax -Exempt Bond - Credits yield 10x their value in equity investment 9% - Annual Allocation - $8M ms • • • • •
Permanent and construction loan grams Progr ing Pr ncin inanc |Fin Financing terms based on projected energy savings Most energy efficient improvements eligible CHFA Energy Conservation Loan Program Multifamily Second Mortgage Program ms • •
on Cons tion licati ed Appli ated lidat nsoli int arepoint upload/transitioning to Shar all applications • Used for ALL CHFA/DOH funding rounds • Single Excel Workbook • Macro based workbook allows it to be used for • Multiple Attachment Uploads • Currently uses State BIZNET as
The he Proces ess: : Key Be y Benc nchm hmark rks
The he Proces ess: : Key Be y Benc nchm hmark rks
Timefr announcement Announce funding Overview sessions Consolidated Application Deadlines set generally within 3-4 mos. of funding Electronic submission and Design Rating & Ranking download The Pr Proces ess: : Appli licat atio efram instruments ion without deadline) ame Activities ties Pre-Application 1-12 mos. prior to deadline Meet with owners, and development team Meet with other financing entities Funding Rounds 1-2 per quarter (“open” round funding available • • • • • •
Timefr Environmental reports Focus on long-term savings to owners and residents Technical Review Review drawings and specifications Capital Needs Assessments Energy efficiency Balanced Sources & Uses The Pr Proces ess: : Cooper erati ative e Revie efram Trending analysis iew application at ame Financial Activities Agency objectives ties State policies Policy & Program 2 – 12 mos. regulation State & Federal law and depending on Underwriting completeness of submission • • • • • • • • • •
Timefr efram ess: Proces The Pr Issue Term Sheet consideration for Board review and Prepare recommendations conditions Confirm terms and Directors CHFA Board of & Management Office and Office of Policy 3-6 mos. prior to ame Activities ties State Bond Commission projected closing Work with Commissioner's date Confirm all eligible costs : Approval • • • • •
Timefr losin Review leasing processes Program and statutory compliance monitoring 30-40 year mortgages The he Proces ess: : Clo ing, efram , Cons nstr truc uctio tion n & Occup upancy Occupancy construction observation Provide guidance on documents (construction ame Activities ties Closing 2-12 mos. After approvals Work with counsel Review checklist contracts, performance bonds, zoning approvals, etc.) Construction 4-24 mos. Approve and fund monthly requisitions ancy • • • • • • •
E DWARD L ACHANCE (860) 270-8099 edward.lachance@ct.gov www.ct.gov/doh M ARCUS S MITH (860) 571-4314 marcus.smith@chfa.org www.chfa.org
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